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According to economist and author Bernstein (All Together Now: Common Sense for a Fair Economy), the endless parade of economic legislation and corporate criminality that keep the rich getting richer are all a direct product of economic knowledge being monopolized and manipulated by the rich, keeping the middle and lower classes woefully unprepared to understand, much less stand up to, the economic forces aligned against them. Fortunately, this accessible overview should clear things up for even the most befogged reader. Answering questions from an average American perspective-"the ones in the vise grip of the crunch"-Bernstein explains murky topics like health care reform, minimum wage laws, the Federal Reserve, immigration and budget deficits with a clear, friendly manner that sidesteps any scholarly (and/or sinister) obfuscation. His progressive "we're all in this togther" philosophy, though seemingly familiar, is backed up with enough data and savvy to illuminate what's wrong in the dominant "self-reliance" narrative of American political discourse. This down-to-earth, populist guide to the pressing economic issues of our time is a clarifying, useful and empowering resource.
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Economist Bernstein (All Together Now: Common Sense for a Fair Economy) has done the American electorate an enormous service by writing this witty and perceptive primer on economics-and just in time for the presidential election. He covers virtually all aspects of economic activity and candidly notes and responds to the basic concerns of ordinary Americans. Espousing his concept of "progressive economics," Bernstein largely succeeds in cutting through the fog of typical economic mumbo jumbo with refreshingly straight talk, making indicators like "gross domestic product" (GDP) easy to understand. Wondering if those tax cuts for the rich really are necessary? Bernstein convincingly argues they're not. Is the country in a recession? He shares some invaluable insight showing that, if we aren't already in a recession, we might soon be facing one. Unfortunately, his discussion predates the economic stimulus package recently passed by Congress. The bottom line for Bernstein is that economics should provide solutions, not create problems, for consumers. To that end, his book is a clarion call to remind us that the political slogan "It's the economy, stupid!" is just as timely as ever. Highly recommended for all business/economics collections.
—Richard Drezen
Preface iv
Introduction: So What Is Economics, Anyway? 1
The Big Squeeze
Why Do I Feel So Squeezed? 6
Econ-Noir 12
All Is Not As It Appears: Measuring Economic Outcomes 16
Whatever Happened to the Cleavers? 20
The Health Care Squeeze 25
The Medical Industrial Complex 29
Health Care Reform 34
Poverty Amid Plenty: The Whats 38
Poverty Amid Plenty: The Whys 41
Brother, Can You Spare a Dime? 44
The ABCs of Worker Pay 47
What's So Bad About Inequality? 50
All Education, All the Time 54
Don't Know Much About GDP
Gross Domestic Product 61
Unemployment: Wall Street vs. Main Street 64
Underemployment 68
Making Better Doughnuts 71
Inflation 74
What's a Recession? 77
Blowing Bubbles 83
The Night of the Living Wage (and Other Scary Stories) 87
Your Textbook Got It Wrong 91
Political Economy 202
Social Insecurity 99
Economists in Chief 104
The Fed 109
The Budget Deficit (Part 1) 114
The Budget Deficit (Part 2, in Which a Nobelist Agrees with Me 118
The Economy and the Military 121
Guns or Butter 124
A New WPA? 128
"Please Remain on the Line" 130
The World Ain't Flat As All That
What's Right and Wrong About Globalization? 135
Outsourcing 141
The Conscience of a Shopper 144
World Trade 148
Globalization and Greed 151
How the Capitalists Killed Capitalism 152
Undocumented Workers 154
The Not-So-Great Immigration Debate 156
What's So Bad About a Labor Shortage? 159
The Mighty Dollar 161
Can Economists Save the Planet? 164
The Reconnection Agenda
Easing the Squeeze 169
Health Care 173
Immigration 178
Education 180
Globalization 183
What's Left? 186
Conclusion: The Lesson of the Rink 191
Notes 199
Acknowledgments 219
Index 221
About the Author 226
Anonymous
Posted February 27, 2012
STUPID!
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Overview
In this lively and irreverent tour through everyday economic mysteries, premier economist Jared Bernstein helps readers decode economic "analysis", navigate through murky ethical quandaries, and make sound economic decisions that reflect their deepest aspirations for themselves, their families, and their country.What People Are Saying